Canadian Banks Report Decline In First-Quarter Forex Earnings
BANKS
Half of the largest Canadian banks are reporting lower foreign exchange trading revenues for their first quarter, which ended January 31. For two of the banks that reported increases, the gains are not purely in FX. Factors unique to Canada are largely responsible for the lower FX earnings, analysts say.
"Most of the lower foreign exchange revenues have to do with the volatility of the Canadian dollar and the Bank of Canada's policy in light of that," says David Marshall, chief economist and
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